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Federal Reserve: A Battle is Brewing
Wall Street celebrated record highs last week, but it may be overlooking one of the most consequential risks building in plain sight: the possibility that within a month the United States could have a Federal Reserve with no clearly accepted leader. On March 21, SriKonomics argued that we may be heading toward a period in which investors cannot be sure who really sets U.S. interest rates. Developments over the past week have reinforced that concern. Jerome Powell’s term as Chair ends on May 15, but his term as a member of the Board of Governors runs until January 31, 2028. That means he does not automatically ... (full story)